(Newswire.net — February 1, 2021) —
Running a construction company requires bulky and sophisticated machinery, enabling you to carry out large projects and deliver in time. These projects may need machines you do not have, requiring that you rent them. This article provides you with the benefits of renting construction equipment compared to buying. Some of the benefits of renting include;
Eliminates the initial purchase cost
Renting heavy machinery saves you from committing large sums of money into purchasing equipment. It provides you with a chance to save money you can use to carry out other projects. The cost of renting is way less than buying, enabling you to take more extensive projects and deliver within the time issued.
Does away with equipment storage needs
Renting equipment means you only have those you are currently using for your project. It saves you the cost of storing equipment you are not using as you rent what you need to carry out your project. Storing purchased equipment that is not in work may be very costly and eat into your capital. Handing this responsibility to a rental company ensures you only incur costs that bring profits to your business and eliminate associated costs.
Cuts down maintenance cost
Most rental companies have a variety of equipment. They are therefore able to negotiate maintenance costs and share the amount across clients. This act plays a significant role in drastically reducing maintenance costs as a small percentage of the amount is included in your expenses when you rent the equipment. The maintenance cost is thus meager as compared to carrying out maintenance cost of personal company machines.
Eliminates depreciation cost
Machines depreciate every year, eliminating the chances of selling the equipment for a profit when not in use or in case you need a newer model. However, when you rent the required equipment, it saves you from selling your machine at a loss or getting less value during a trade-in adding to your overall cost.
Access to newer models
Renting provides you with an opportunity to sample newer equipment in the market. By renting machines, you can access the latest models that enable you to efficiently carry out your work and reduce the amount of time taken to execute your project.
It also ensures that you can deliver a wide range of projects by having the required machine to complete the project successfully. Instead of purchasing equipment that may be limited in terms of features or operational efficiency, renting provides you with the power of choosing advanced machine models necessary for your project.
Reduces transportation cost
Another benefit of renting equipment is the reduction of transportation costs. Suppose your company is located on the north side and you get a project in the southern part; instead of spending money transporting equipment such as a deck crawler and getting storage, renting will provide a solution. By renting the necessary equipment, you get an opportunity to work with the latest technology from locally available rentals and get free storage instead of adding the cost of transportation and storage needed in the different locations.
Access to a variety of equipment
Renting provides an opportunity for you to expand your business. It gives you a chance to apply for various projects and get multiple pieces of equipment to execute them. Instead of spending money buying other equipment to carry out a project and reducing the amount of cash you need to carry out different projects.
You can choose to rent as much equipment as needed from different renters and have various projects running simultaneously. This way you do not have to incur too much cost and complain of insufficient equipment.
Ensures you only pay for the equipment you need
Renting gives you access to the equipment you need for your project. Instead of spending so much money purchasing equipment such as a deck crawler for one project, then have it sit doing nothing for months on end. You can opt to rent the equipment, finish your project and return it to renters other than incurring storage costs, maintenance, and insurance costs.
Protects you from market fluctuation
The construction field is full of uncertainties. Things such as market fluctuation cannot be determined; thus, instead of suffering the consequences of inflation or reduction of available projects, hiring equipment means you only pay for them when in use. It works to protect your company from market fluctuation and reduce the chances of incurring costs that may run you out of business.
Cuts down on insurance
The premium for buying heavy machinery can be too high. The cost is even more uneconomical if you have to get insurance for all equipment owned whether you use them or not. Thus, renting equipment is a viable option as it eliminates the need to pay high premiums.
Besides, rental companies enjoy discounts due to the number of machines they have insured; thus, the amount of insurance you pay when you rent a piece of equipment is less. Also, you only have the equipment for a given period; thus, the equipment’s premium is much less, reducing your overall project cost.
Compliance issues
Ensuring your equipment meets the compliance rules can be time-consuming especially having to go for certification and paperwork from time to time, including the relevant tests needed for the same. If you do not have a compliant expert or find it challenging to have this done in time, then renting your equipment eliminates this hustle on your end. Renting companies ensure that their equipment has the required documentation and correct certification before they are hired.
They are also keen to ensure only equipment that meets government regulations is rented to companies eliminating the fear of working with outdated machinery. They save you the hustle of hiring a compliance expert as every piece of equipment rented comes with up to date compliance certifications, and the rental company handles any other required certification.
Wrapping It up
The amount of savings you enjoy from renting equipment supersedes those of buying it. Renting also ensures that you can meet your short-term goals and plan for your long term ones with little pressure.